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Union Pacific Reports Record First Quarter

Omaha, Neb., April 22, 2010 
Union Pacific Corporation (NYSE: UNP) today reported 2010 first quarter net income of $516 million, or $1.01 per diluted share, compared to $362 million, or $0.72 per diluted share in the first quarter 2009.

First Quarter 2010 Records

Diluted earnings per share improved 40 percent to $1.01.

Operating income totaled $988 million, up 47 percent.

Net income increased 43 percent to $516 million.

Operating ratio was 75.1 percent, a first quarter record and 5.3 points better than first quarter 2009.

Customer Satisfaction Index of 87 ties a first quarter best.

"Union Pacific's record first quarter was a strong start for the year," said Jim Young, Union Pacific chairman and chief executive officer. "We saw quarterly volume growth on our railroad for the first time in two years, and we leveraged that volume by running a safe, service-focused, and efficient network. These efforts resulted in a best ever first quarter operating ratio and generated strong cash from operations, setting a solid foundation for future opportunity and growth."

First Quarter Summary

First quarter business volumes, as measured by total revenue carloads, grew 13 percent versus the prior year's recession-impacted levels. Five of Union Pacific's six business groups reported quarterly growth, with only Energy volumes declining versus first quarter 2009. Quarterly volume growth contributed to a 16 percent increase in first quarter 2010 operating revenues of $4.0 billion versus $3.4 billion in the first quarter 2009. In addition:

Year-over-year freight revenues increased in all six business groups, up 16 percent in total to $3.8 billion in the first quarter 2010 as a result of double-digit volume gains, increased fuel cost recoveries associated with higher diesel fuel prices, and core pricing gains.

Quarterly diesel fuel prices increased 43 percent from an average of $1.51 per gallon in the first quarter 2009 to an average of $2.16 per gallon.

Quarterly train speed, as reported to the Association of American Railroads, was 26.2 mph, down 4 percent versus record first quarter 2009 velocity. Rail car inventory declined 3 percent in the first quarter of 2010 as improved freight car utilization allowed the Company to handle increased business levels with fewer freight car resources.

First quarter results include the impact of a $45 million one-time payment to CSXI as part of the transaction to restructure our intermodal transportation relationship.

Summary of First Quarter Freight Revenues

Automotive was up 88 percent.

Intermodal was up 25 percent.

Chemicals was up 14 percent.

Agricultural was up 10 percent.

Industrial Products was up 10 percent.

Energy was up 5 percent.

Outlook

"Although the strength and timing of a sustained economic recovery are still uncertain, we are feeling better about our 2010 growth opportunities," Young said. "Our plan is to remain flexible and run a safe, efficient network that generates significant volume leverage. As customers continue to benefit from UP's strong value proposition, we expect to attract new business to the railroad while delivering higher shareholder returns."

About Union Pacific

Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country. Union Pacific serves many of the fastest-growing U.S. population centers and provides Americans with a fuel-efficient, environmentally responsible and safe mode of freight transportation. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad emphasizes excellent customer service and offers competitive routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada's rail systems and is the only railroad serving all six major gateways to Mexico, making it North America's premier rail franchise.

This press release and related materials contain statements about the Corporation's future that are not statements of historical fact, including specifically the Corporation's outlook regarding: economic conditions and growth opportunities in 2010; future safety and operating performance; and its ability to generate volume leverage, increase returns to shareholders, and attract new business. These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information or statements regarding: projections, predictions, expectations, estimates or forecasts as to the Corporation's and its subsidiaries' business, financial, and operational results, and future economic performance; and management's beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Corporation's future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Corporation's and its subsidiaries' future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Corporation's Annual Report on Form 10-K for 2009, which was filed with the SEC on February 5, 2010. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Corporation assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

The statements and information contained in the news releases provided by Union Pacific speak only as of the date issued. Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued. Union Pacific makes no commitment, and disclaims any duty, to update any of this information.